Big Motoring World Drives Strong Profits Despite Challenging Market Conditions

In the fast-paced world of car dealer news and motor trade news, Big Motoring World emerges as a standout success story. Despite the turbulent landscape for used car supermarkets, this Kent-based company achieved an impressive pre-tax profit surge of 65 per cent in 2022. Under the name Bapchild Motoring World (Kent) Ltd, the firm's profits soared from £6.6 million in 2021 to an impressive £10.9 million, surpassing the £8.7 million of 2020.

Notably, turnover surged by a significant 43 per cent, rising from £371 million to a staggering £529.7 million. The diverse revenue streams encompassed vehicle sales contributing £490.4 million, finance commission at £18.6 million, and warranty sales at £20.6 million. Impressively, Big Motoring World's used car sales blossomed, rising by 5,000 units to an impressive total of 27,000 across the group.

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The year was not without its strategic shifts. Major shareholder Peter Waddell, along with other minority stakeholders, divested part of their interests to Freshstream LLP. Consequently, by the close of 2022, Waddell indirectly held a 62 per cent stake in Bapchild Motoring World, with Bluebell Cars Holdings Limited holding an indirect ownership of 35 per cent through Freshstream's investment vehicle.

Big Motoring World made significant strides beyond financial growth. Introducing the "Big Wants Your Car" platform in July 2022, a consumer-focused car-buying service, they further solidified their market presence. Notably, the company expanded its retail footprint, opening a new supermarket at the former Manheim auction centre in Wimbledon. This move propelled their retail sites to six locations across Kent, north London, south London, and Peterborough.

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The contrasting fortunes of industry peers highlight Big Motoring World's achievement. As competitors grapple with job cuts and closures, Big Motoring World shines as an example of resilience and adaptability. With an eye toward the future, both Peter Waddell and Peter Vardy are slated as headline speakers at the upcoming Car Dealer Live event, scheduled for March 7, 2024, at the British Motor Museum.

Looking ahead, Peter Waddell is bullish about the company's prospects, as he anticipates a robust 2023. Notably, the company's financial performance in early 2023 exceeded expectations, boasting a remarkable 22 per cent increase in unit sales year-on-year during the first quarter. Despite acknowledging the challenges posed by rising costs of living, Waddell expresses confidence in the face of adversity. He points out that with interest rates at their highest in nearly 15 years and energy prices surging, disposable incomes are feeling the pinch.

Waddell remains steadfast in his outlook, asserting the company's confidence in achieving increased profits and further expansion in 2023. With a steadfast commitment to growth and a well-laid long-term business plan, Big Motoring World showcases its unwavering determination to steer its own destiny in the dynamic world of car dealerships.

Source: cardealermagazine.co.uk, Author: James Batchelor



source http://autoengage.co.uk/home-page-6165/b/big-motoring-world-drives-strong-profits

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